Vietnam VIB plans gross profit up 76 pct y/y in 2011

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Vietnam International Bank (VIB), 15 percent owned by Commonwealth Bank of Australia , expects its gross profit to jump 76 percent this year to nearly VND1.85 trillion (US$90 million).

VIB, the ninth-largest partly private bank by assets, also planned to raise its total assets this year by 38 percent to VND129.5 trillion, it said in a statement on Wednesday after a shareholder meeting on Tuesday approved the bank's targets for 2011.

Last year, its total assets rose 65.7 percent from 2009 to VND93.83 trillion, and loans increased 52.6 percent, well above the 27.65 percent expansion in the whole banking system, VIB said in an undated report released to shareholders before Tuesday's meeting.

VIB has projected lending growth to slow to 20 percent this year, on par with the government's target for the whole banking sector as it aimed to curb inflation.

Commonwealth Bank of Australia will raise its stake in VIB to 20 percent early this year, the ceiling for a foreign strategic investor in a domestic bank, pending government approval, VIB has said.

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